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Home Business News

Pantami disagrees with Finance Minister over stamp duty collection

Chidinma Nwagbara by Chidinma Nwagbara
January 6, 2020
in Business News, Politics
FG directs the suspension of NIMC staff involved in extortion of NIN applicants, SIM. Social media accounts monitoring, FG completes 11 projects to drive Digital Economy, FG orders NIPOST to stop cash transactions , Pantami moves to ban automatic voicemail service by telcos  , Why Nigeria’s Data woes may not end soon , Pantami reacts to CBN’s ATM fee cut, keeps mute on directive to cut data cost , Pantami condemns FIRS move to collect stamp duty, MTN, Airtel, others disregarding Pantami’s voicemail, data directives on all front , FG warns State governments against RoW charge increase, FG reiterates commitment towards implementing broadband strategy ,FG reiterates commitment to 75% broadband penetration in 5 years , Pantami tasks Youth on developing creative and entrepreneurial digital skills

Dr Isa Ali-Pantami

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The arguments surrounding the Federal Government agency that warehouse proceeds of stamp duty in Nigeria has taken another dimension.

Following the recent protest of workers in Nigerian Postal Service (NIPOST) over who collect the duty, Minister of Communication and Digital Economy, Isa Ibrahim Pantami, has thrown his weight behind NIPOST workers. He faulted the decision of the Federal Inland Revenue Service (FIRS) to collect stamp duty that it is the sole responsibility of NIPOST.

Speaking in Abuja in an interactive session, the minister explained that stamp duty should be collected by NIPOST as customs duty is collected by the Nigerian Customs Service (NCS).

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FG orders NIPOST to stop cash transactions

He stressed on the fact that the Ministry of Finance or the FIRS had no business in the collection of stamp duty, as he insisted that the Federal Executive Council (FEC) did not authorise the FIRS to collect stamp duty.

‘‘The FIRS has been working to be the agency collecting the duty; the crisis started before my appointment as the minister and I was not briefed on time about the real situation. But when I heard about it, I intervened and I presented the case to the President that Stamp Duty should be collected by NIPOST.

[READ ALSO:FG defends new $22.7 billion loans from World Bank, others  (Opens in a new browser tab)]

 “There is no harm if FIRS supports them and they work harmoniously but that collection of the duty should not be done by FIRS or the Ministry of Finance because there is no justification for that.

“Though we have no power to change government policy we have the power to challenge injustice and as far as I am concerned, this is one of the many injustices that should be challenged.

‘‘We insist that Stamp duty should be collected by NIPOST and it is an injustice if NIPOST is denied the opportunity. We have advised the government on this and the government has the final say on it but we insist that NIPOST is the right agency to do that. For us, it is a selfish interest trying to deny NIPOST the right to collect the duty,’’ Pantami told New Telegraph.

In a recent publication by Nairametrics, workers of NIPOST protested at the Federal Ministry of Finance, Abuja, over the collection of stamp duty. This was due to the decision of the Finance Minister, Zainab Ahmed, that the proceeds of the duty should be warehoused by FIRS since it’s a tax-related responsibility.


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Tags: firsMallam Isa Ali Ibrahim PantamiNigerian Postal ServiceStamp duty
Chidinma Nwagbara

Chidinma Nwagbara

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - chidinma.nwagbara@nairametrics.ng

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